Citibank swaps

From Zero Hedge.  Although I just looked at this report, I did not see this (had other priorities in mind).

The gist of it is that over the summer, Citibank took on a bunch of derivatives positions in their FDIC insured unit, then they got the risk for those derivatives specifically covered by the US taxpayer in that big disgusting bill congress passed in December:

Then we started thinking:

Citigroup… swaps… Citigroup… swaps…

and a lightbulb click, because we remembered that it was none other than Citigroup that crafted the legislation on the swaps push-out provision which passed Congress without nary a peep from either side of the aisle, and which put taxpayers on the hook for FDIC-insured derivative exposure – and in Citi’s own case a soaring $70 trillion as of September 30, 2014:

Screen Shot 2014-12-05 at 3.32.12 PM

We also revealed that, not surprisingly, the main backer of the bill is notorious Wall Street puppet Jim Himes (D-Conn.) the man BusinessWeek branded “Wall Street’s Favorite Democratwho also happens to be a former Goldman Sachs employee.

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